Hyde Park, MA – January 30, 2018
Blue Hills Bank announces the closing of a new senior credit facility with Magnus Textile, a Chelmsford, Massachusetts-headquartered importer and distributer of specialized textile products.
The senior credit facility provided by Blue Hills Bank’s Asset-Based Lending Group is intended to support the significant growth expectations and working capital needs of the company. Blue Hills Bank senior vice presidents Keith Broyles and Yvonne Kizner worked with Magnus Textile to create a structure that provides the company with the capital they need to grow their business, now and well into the future.
“Our objective was to find an asset-based lender that was not just a lender but a partner,” comments Magnus Textile’s CEO and founder, Dev Ramasubbu. “And all our dealings with Keith, Yvonne, and the ABL team convinced us that we have found that partner in Blue Hills Bank. We are excited to grow Magnus Textile with their support.”
Blue Hills Bank’s commercial lending division boasts a suite of commercial products including asset based loans, commercial real estate and C & I loans, specialized lending, government banking and top tier cash management services.
“The closing with Magnus Textile demonstrates how Blue Hills Bank’s asset-based lending department can deliver solid, smartly structured financing packages in a timely manner to companies operating within the lower end of the middle market,” comments Kevin Malone, executive vice president, commercial banking at Blue Hills Bank. “We are looking forward to helping Dev and Magnus Textile achieve their goals for many years to come.”
Blue Hills Bank is a full-service community bank headquartered in Hyde Park, MA. With assets of more than $2.5 billion, the bank serves businesses and consumers in Eastern Massachusetts and Nantucket online and through its 18 branches and loan offices. The Bank offers commercial financing, cash management and deposit accounts to businesses with an emphasis on building long term relationships with our clients. Founded in 1871 as Hyde Park Savings Bank, the Bank is celebrating its 148th year in business.